Galaxy Digital swapped $100M ETH for Solana (SOL) as meme activity picks

Galaxy Digital, one of the leading asset managers in crypto, shifted positions from Ethereum (ETH) to Solana (SOL). The company swapped $100M ETH for SOL, just in time for a pickup in meme token and DEXs activity. 

Galaxy Digital signaled a shift from Ethereum (ETH) to Solana (SOL) as meme token activity and DEX swaps pick up again. The asset manager swapped $100M in ETH for a position in SOL, in preparation for an eventual rally and growing on-chain activity. 

The swapping activity was tracked on-chain, and took two weeks to shift the positions. The asset manager moved into SOL just as ETH lost another 20% of its price in a month, while SOL recovered by 8%. 

After the swap, Galaxy Digital still ended up with 55.76K ETH and 171.25K SOL. The fund’s move signals that the Solana ecosystem is becoming the leader once again in terms of activity, fees, apps and a shifting user base. 

On-chain data shows Galaxy Digital mostly used Binance to move the funds, turning into a SOL holder. The buying period coincided with a recovery for SOL, as the asset bounced from levels under $100. 

It seems that Galaxy Digital is selling $ETH and buying $SOL!

In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2

— Lookonchain (@lookonchain) April 22, 2025

Following the recent shift in ownership, ETH slid again to the $1,500 range, anticipating more liquidations. SOL returned to $139.51, awaiting additional gains due to increased on-chain activity. 

The shift arrives at a time when whales are also selling ETH, while the chain produces lower daily fees. The Ethereum chain remains widely used for large-scale DeFi and lending, though whales are still trying to avoid liquidations. 

Is the Solana meme season returning?

Solana is starting to recover its daily active users in the past two weeks. The network now carries over 4M daily active wallets, up from a recent low of 2.9M. 

The on-chain DEXs activity on Solana makes up over 48% of all decentralized trading volumes, followed by just 19.7% for Ethereum. 

In terms of users, Solana draws in over 60% of all DEX users, with a growth trend for the past two weeks. The chain has not returned to the peak trading activity around January 20, but this time, the growth is not tied to specific asset launches and shows the robustness of the meme space. 

Almost all Solana meme tokens have returned to the green, and are valued at over $7.42B in total. Top cult memes and AI memes are returning, with most tokens adding 10% to their price in the past week. 

Solana activity also got a boost from Pump.fun and PumpSwap, the new DEX that is still growing its influence. Currently, Raydium remains the biggest DEX based on volume and users. 

Side services Jupiter and JitoSOL are back in the top 10 of Solana apps, reflecting the growing demand for routing and on-chain swaps. Pump.fun still regularly produces $2.3M in fees, of which the platform often takes profits by selling SOL.